This book analyses the current debate around Central Bank Digital Currencies (CBDC) and the future of New Global Financial System. It offers deep insight into the global monetary policy in the context of digital and cryptocurrencies and examines both the opportunities and challenges to come. The book draws a clear distinction between digital and cryptocurrencies and answers several research questions, such as what the consequences of forming Central Bank Digital Currencies and their impact on the financial markets, in both advanced and developing economies, might be. Another question refers to whether the role of monetary policy easing has led to the rise of the virtual currency market, while still others relate to the impact of the pandemic on international settlements. The book also discusses the issue of investment in cryptocurrencies, and the related risks, whether or not this is a profitable investment vehicle, and how the digital banking system evaluates such investments. Further, the book also highlights the post-pandemic challenges for central banks, such as future monetary policy. It includes a complex review of the literature and presents elaborate econometric models of digital currencies and cryptocurrencies. The book has a wide geographic focus, examining these aspects from the perspective of several countries including China, India and the US. The primary audience for the book is researchers, scholars and students of international finance and economics but it will also appeal to practitioners concerned with the digitalisation of financial systems, policymakers and regulatory agencies. Note: Prof. Shalini Talwar's affiliation is published incorrectly. Her correct affiliation, which may be considered for referencing and records is: Shalini Talwar, Associate Professor, S. P. Jain Institute of Management and Research, Mumbai, India.

This complementary volume provides five additional essays to expand our understanding of Hayek's ideas about money and monetary policy. "Good Money, Part II: The Standard "investigates the consequences of the "predicament of composition" which led to one of Hayek's most controversial proposals: that governments should be denied a monopoly on the coining of money.
F. A. Hayek (1899-1992) was awarded the Nobel Memorial Prize in Economic Sciences in 1974 and the Medal of Freedom in 1991 and was one of the leading Austrian economists and political philosophers of the twentieth century.
Stephen Kresge was the General Editor of "The Collected Works of F. A. Hayek "until his retirement in 2002.

Kevin Dowd asserts that state intervention into financial and monetary systems has failed, and that we would be better off if financial markets were left to regulate themselves. This collection will appeal to students, researchers and policy makers in the monetary and financial area.

Beginning with the development of credit-money theory in the twentieth century, Paul Dalziel derives a model that explains how interest rates are used by authorities to maintain price stability. His conclusions suggest ways in which the current policy framework can be improved to promote growth, without sacrificing that stability.

This book provides the grounding for a new approach to monetary economics, based on the book-keeping nature of money. The main themes of macroeconomics are examined to show how we may improve our understanding through a thorough analysis of their monetary aspects. Money is the key element and its role is investigated in relation to value, prices, profits, capital and interest. Alvaro Cencini's analysis rejects the traditional, net asset definition of money, arguing that despite appearances to the contrary, money is issued by banks as a mere numerical form. It is through its association with production that it is given its positive value, purchasing power. The resulting theory elicits a new understanding of the conditions behind today's monetary disorders and prescribes new remedies to cure them once and for all.

This remarkable volume provides a critical assessment of Neoclassical Synthesis, long regarded as the standard interpretation of Keynes. Taking issue with this orthodoxy, the author offers a unique interpretation of the foundation of modern macroeconomics, arguing that the subject derives from the conflict between two research programmes inspired by different paradigms in physics: the Newtonian programme of Hicks and the Einsteinian approach of Keynes.
Original and provocative in its reflections, Keynes and the Neoclassical Synthesis not only offers a fresh interpretation of Keynes but makes an important contribution to debates within post-Keynesian economics. It will thus be of interest to all those interested in Keynes' place in the history of economic thought and macroeconomic methodology.

The culmination of a long-lasting and impressive research program, this book summarizes the relationship between economic development with income on the one hand and the evolution of institutions on the other; the transition of countries from one economic and social system to another. The author considers the transitions of two types of institutions: The first is external; it is legal-administrative systems with staff and buildings. The political system and the economic system are considered. The second consists of traditions and beliefs. Here corruption and religiosity are considered. Contrary to the claim that institutions are causal to development, this book demonstrates that the main direction of causality is from income to institutions. As countries get wealthy, they become secular democracies with low corruption and a mixed economic system. In this impressive coda, Paldam shows that the evolution of institutions is not causal to the economic growth process but rather follows it.

With the rapid growth of China and India and the resurgence of Southeast Asia post-1997-8, emerging Asia has once again become one of the most dynamic regions in the world. This dynamism has in turn been fuelled largely by a carefully calibrated embracement of economic openness to international trade, investments and capital flows. While much has been written about international trade, there has been somewhat less work on the issue of capital flows, macroeconomic management and foreign direct investment (FDI) to and from the region, a gap that this book attempts to fill. The book is divided into two parts. The first part deals with selected issues pertaining to macroeconomic management in small and open economies, with particular focus on exchange rates. The second part of the book deals with the trends and determinants of FDI in emerging Asia, its importance as a source of finance, its impact on growth and development, and the nexus between FDI and foreign portfolio flows (FPI). Overall, the chapters in this book tackle important policy issues of contemporary relevance, but are informed by analytical frameworks, data and empirics. While each of the topic areas chosen in individual chapters is intentionally narrow, the book as a whole covers a number of areas and countries/regions within Asia (i.e. East, Southeast and South Asia). While the chapters have been written in a manner that can stand up to academic scrutiny, they are also meant to be accessible to policy makers, researchers and others who might be interested in FDI and related issues in Asia.

The Economic and Monetary Union (EMU) in which some members of the European Union have joined, has prompted much discussion of monetary union. Most of this discussion has focused on the immediate issues, such as prospects for the Euro and the possibility of expanding the Euro-zone. This book stands back and considers the relevant theory or what lessons might be drawn from other unions that have been formed in the past as well as looking at EMU directly.

'A fascinating portal into arguments about why we need to get beyond money' - Harry Cleaver What would a world without money look like? This book is a lively thought experiment that deepens our understanding of how money is the driver of political power, environmental destruction and social inequality today, arguing that it has to be abolished rather than repurposed to achieve a postcapitalist future. Grounded in historical debates about money, Anitra Nelson draws on a spectrum of political and economic thought and activism, including feminism, ecoanarchism, degrowth, permaculture, autonomism, Marxism and ecosocialism. Looking to Indigenous rights activism and the defence of commons, an international network of activists engaged in a fight for a money-free society emerges. Beyond Money shows that, by organising around post-money versions of the future, activists have a hope of creating a world that embodies their radical values and visions.

Money and Macroeconomics is a significant collection of David Laidler's most important papers on the so-called 'monetarist counter-revolution'. This volume contains both published and unpublished examples of his influential contribution, detailing empirical work on the demand for money, the economics of inflation, the foundations of the 'buffer stock' approach to monetary theory, the monetarist critique of new classical economics and issues of economic policy.David Laidler has also prepared a personal memoir to accompany his volume which gives a revealing account of his academic career and influences, and places each essay in its original intellectual context. Money and Macroeconomics presents in one volume David Laidler's most important contributions to monetary economics. It will be invaluable to monetary and financial economists as well as policy makers and historians of economic thought.

Many years have elapsed since the start of sustainability revolution, yet there is still a lack of diverse collections offering in-depth analysis of sustainability principles applied to real estate in the developing world. Sustainable Real Estate in the Developing World offers a perfect and ideal synthesis of works that examine sustainability within various facets of real estate and urban development in the developing world. Harnessing multi- and inter-disciplinary perspectives, this book discusses the fundamental issues of the complex nexus between the built environment and sustainable development, thereby illuminating how they are affecting and will potentially affect each other. The book highlights rich and practical experiences, challenges, and best practices of over ten countries in four continents, with contributors proffering solutions around topics such as the following: sustainable development goals and the urban agenda; housing development in the context of environmental sustainability; demand for sustainable features in commercial real estate; urban development, land use changes, and environmental impacts in cities; urbanization, environmental externalities, and house prices; building information modelling adaptability for sustainable residential real estate development; and COVID-19 and sustainable development. This collection is useful to academics, researchers, and students in all the built environment disciplines, as well as to policy makers, practitioners, professional bodies and the international donor community.

This book investigates the interaction of effective goods demand with the wage-price spiral, and the impact of monetary policy on financial and the real markets from a Keynesian perspective. Endogenous business fluctuations are studied in the context of long-run distributive cycles in an advanced, rigorously formulated and quantitative setup. The material is developed by way of self-contained chapters on three levels of generality, an advanced textbook level, a research-oriented applied level and on a third level that shows how the interaction of real with financial markets has to be modelled from a truly integrative Keynesian perspective. Monetary Macrodynamics shows that the balanced growth path of a capitalist economy is unlikely to be attracting and that the cumulative forces that surround it are controlled in the large by changes in the behavioural factors that drive the wage-price spiral and the financial markets. Such behavioural changes can in fact be observed in actual economies in the interaction of demand-driven business fluctuations with supply-driven wage and price dynamics as they originate from the conflict over income distribution between capital and labour. The book is a detailed critique of US mainstream macroeconomics and uses rigorous dynamic macro-models of a descriptive and applicable nature. It will be of particular relevance to postgraduate students and researchers interested in disequilibrium processes, real wage feedback channels, financial markets and portfolio choice, financial accelerator mechanisms and monetary policy.

This book explores how dissimilar patent systems remain distinctive despite international efforts towards harmonization. The dominant historical account describes harmonization as ever-growing, with familiar milestones such as the Paris Convention (1883), the World Intellectual Property Organization's founding (1967), and the formation of current global institutions of patent governance. Yet throughout the modern period, countries fashioned their own mechanisms for fostering technological invention. Notwithstanding the harmonization project, diversity in patent cultures remains stubbornly persistent. No single comprehensive volume describes the comparative historical development of patent practices. Patent Cultures: Diversity and Harmonization in Historical Perspective seeks to fill this gap. Tracing national patenting from imperial expansion in the early nineteenth century to our time, this work asks fundamental questions about the limits of globalization, innovation's cultural dimension, and how historical context shapes patent policy. It is essential reading for anyone seeking to understand the contested role of patents in the modern world.

Forrest Capie is an eminent economic historian who has published extensively on a wide range of topics, with an emphasis on banking and monetary history, particularly in the nineteenth and twentieth centuries, but also in other areas such as tariffs and the interwar economy. He is also a former editor of the Economic History Review, one of the leading academic journals in this discipline. This book comprises a collection of papers by eminent scholars in the fields of historiography, banking, monetary economics both domestic and international, and tariff theory and policy, all areas to which Forrest Capie, in whose honour this book was produced, has made major contributions. Under the editorship of Geoffrey Wood, Terence Mills and Nicholas Crafts, this book brings together a stellar line of contributors - including Charles Goodhart, Harold James, Michael Bordo, Barry Eichengreen and Charles Calomiris. The book analyses many of the mainstream themes in economic and financial history - monetary policy, international financial regulation, economic performance, exchange rate systems, international trade, banking and financial markets - where historical perspectives are considered important. The current wave of globalisation has stimulated interest in many of these areas as 'lessons of history' are sought. These themes also reflect the breadth of Capie's work in terms of time periods and topics. This expertly written book contain original scholarly work, often with new empirical results, and will be of interest to Economics postgraduates and researchers, particularly those focussing on monetary economics, banking and economic history, as well as to Central Bankers and trade negotiators.

Supervised by Maurice Dobb, Harry Johnson was particularly impressed by the breadth and the ideas of Joseph Schumpeter, which greatly influenced his writings in later years. Johnson made many contributions to the development of Heckscher-Ohlin theory and also helped to found the monetary approach to the balance of payments. He wrote many surveys of monetary economics that helped to clarify the issues in question.

Monetary policy in the Middle East and North African (MENA) countries remains an understudied area; this book fills an important gap by examining monetary policy frameworks and monetary policy strategies in the region. Building on the editors' earlier book, Monetary Policy and Central Banking in the Middle East and North Africa, which focused on central bank independence issues and on exchange rate regimes, this book emphasises monetary policy strategies. Part I contains an overview of the financial markets and institutions which condition the choice of monetary policy strategy in the countries of the region, followed by single-country studies on aspects of the monetary policy frameworks of Lebanon, Egypt, Jordan, the Palestinian Territory and Turkey. Part II includes analyses of the prospects for inflation targeting in Egypt, Morocco and Tunisia, of the monetary transmission mechanism in the Gulf Cooperation Council countries, of the relative advantages of inflation targeting and exchange rate fixity with reference to Egypt, of the problem of fiscal dominance in Egypt, and of the inflationary implications of exchange rate fixity for Saudi Arabia and Kuwait. The contributors are experts from universities inside and outside the MENA region, from central banks in the region and from outside institutions such as the European Central Bank and the International Monetary Fund.

Why are small and culturally homogeneous nation-states in the advanced capitalist world so prosperous? Examining how Denmark, Ireland, and Switzerland managed the 2008 financial crisis, The Paradox of Vulnerability shows that this is not an accident. John Campbell and John Hall argue that a prolonged sense of vulnerability within both the state and the nation encourages the development of institutions that enable decision makers to act together quickly in order to survive, especially during a crisis. Blending insights from studies of comparative political economy and nationalism and drawing on both extensive interviews and secondary data, Campbell and Hall support their claim by focusing on the three states historically and, more important, in their different responses to the 2008 crisis. The authors also devote attention to the difficulties faced by Greece and Iceland. The implications of their argument are profound. First, they show that there is a positive side to nationalism: social solidarity can enhance national prosperity. Second, because globalization now requires all states to become more adaptable, there are lessons here for other states, large and small. Lastly, the formula for prosperity presented here is under threat: highly homogeneous societies face challenges in dealing with immigration, with some responding in ways that threaten their success. The Paradox of Vulnerability demonstrates how the size and culture of a nation contribute in significant ways to its ability to handle political and economic pressures and challenges.

THE DEFINITIVE BOOK ON HOW THE TECHNOLOGY BEHIND BITCOIN AND CRYPTOCURRENCY IS CHANGING THE WORLD -- MAJORLY EXPANDED WITH NEW MATERIAL ON CRYPTOASSETS, ICOs, SMART CONTRACTS, DIGITAL IDENTITY AND MORE.

'This book has had an enormous impact on the evolution of blockchain in the world' Satya Nadella, CEO, Microsoft Corporation

'What a spectacular book. Mind-blowing in its expansiveness and profundity. It makes me think we're at one of those times in technological, economic and social history where the sky is the limit' Steve Wozniak, co-founder of Apple Computer and Chief Scientist at Prima Data

'The Tapscotts have written the book, literally, on how to survive and thrive in this next wave of technology-driven disruption. Likely to become one of the iconic books of our time' Clay Christensen, Professor of Business Administration at Harvard Business School and author of The Innovator's Dilemma

'Occasionally a book comes along that changes the global discourse. This is likely to be one of those books. Blockchains are at the heart of the fourth industrial revolution and the Tapscotts lucidity explain why and how to capture the opportunity and avoid dangers' Klaus Schwab, Founder and Executive Chairman of the World Economic Forum

'Blockchain Revolution is a highly readable introduction to a bamboozling but increasingly important field' - Guardian

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Blockchain is the ingeniously simple technology that powers Bitcoin. But it is much more than that, too. It is a public ledger to which everyone has access, but which no single person controls. It allows for companies and individuals to collaborate with an unprecedented degree of trust and transparency. It is cryptographically secure, but fundamentally open. And soon it will be everywhere.

In Blockchain Revolution, Don and Alex Tapscott reveal how this game-changing technology will shape the future of the world economy, dramatically improving everything from healthcare records to online voting, and from insurance claims to artist royalty payments. Brilliantly researched and highly accessible, this is the essential text on the next major paradigm shift. Read it, or be left behind.

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Don Tapscott is one of the most influential living theorists on business and society. He is the bestselling author of Wikinomics, The Digital Economy, and a dozen other acclaimed books about tech­nology, business, and society.

Alex Tapscott is the CEO of NextBlock Global a digital asset company. Previously, he worked for seven years in investment banking in New York and Toronto.

No further information has been provided for this title.

This volume contains an Open Access Chapter The Sustainability of Health Care Systems in Europe provides a comprehensive understanding of the sustainability of health systems in Europe. Furthermore, it includes an introduction to how EU action in supporting health- care policies in the EU Member States, looking both at implemented actions and describing current priorities for the future. There has been a rapid evolution of the structure of society and the economy over the last few decades which has created new demands for healthcare services. This has placed pressure on policy makers to ensure the sustainability of the health care sector. Policy makers understand the efficiency of the healthcare delivery system needs to be improved, the shortage of health professionals must be tackled, and that there are growing health inequalities and inequity in access to healthcare. These challenges are exacerbated by recent economic shocks including the 2008 recession, the uncertainty related to Brexit, and the crisis induced by the COVID-19 pandemic, which have impacted the ability of European health systems to finance the health care sector. This book is a must read for researchers and students of health economics and health policy.

Thoroughly updated and expanded with a new chapter on blockchain and increased coverage of cryptocurrency, as well as new data, this established advanced undergraduate textbook approaches the subject via first principles. It builds on a simple, clear monetary model and applies this framework consistently to a variety of monetary questions. Starting with trade being mutually beneficial, the authors demonstrate that money makes people better off, and that government money competes against other means of payments, including other types of government payments. After developing each of these topics, the book tackles the issue of money competing against other stores of value, examining issues associated with trade, finance, and modern banking. From simple economies to modern economies, the authors address the role banks play in making more trade possible, concluding with the information problems plaguing modern banking.

This book represents the second of three volumes offering a complete reinterpretation and restructuring of Keynesian macroeconomics and a detailed investigation of the disequilibrium adjustment processes characterizing the financial, the goods and the labour markets and their interaction.

In this second volume the authors present a detailed analysis and comparison of two competing types of approaches to Keynesian macroeconomics, one that integrates goods, labour and financial markets, and another from the perspective of a conventional type of LM-analysis or interest-rate policy of the central bank. The authors employ rigorous dynamic macro-models of a descriptive and applicable nature, which will be of interest to all macroeconomists who use formal model-building in their investigations.

The research in this book with its focus on Keynesian propagation mechanisms provides a unique alternative to the black-box shock-absorber approaches that dominate modern macroeconomics. The main conclusion of the work is that policy makers need to reconsider Keynesian ideas, but in the modern form in which they are expressed in this volume.

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Reconstructing Keynesian Macroeconomics" will be of interest to students and researchers who want to look at alternatives to the mainstream macrodynamics that emerged from the Monetarist critique of Keynesianism. This book will also engage central bankers and macroeconomic policy makers.

First published in 1936, this book gives the reader an insight into the tendencies and spirit of the monetary reform movement as a whole, as accomplished or proposed since the First World War. The author marks the consideration of the overall reform as being more important than specifically looking at the actual proposals and measures involved, and the views he attributes to the various monetary reform schools are therefore composite views of the various factions of those schools. As a comparatively recent convert to the idea of monetary reform, at the time of writing, the author offers a balanced view of the subject as he also has extensive experience of the ideas of the orthodox monetary system. However, he does not believe that monetary reform alone can achieve the desired end without considerable economic planning. Indeed, he suggests that the monetary reform movement he discusses desperately needs to adopt a broader perspective and thus, he suggests a compromise.

Have you ever wondered why we can afford to buy far more clothes than our grandparents ever could . . . but may be less likely to own a home in which to keep them all? Why your petrol bill can double in a matter of months, but it never falls as fast?; Behind all of this lies economics.; It's not always easy to grasp the complex forces that are shaping our lives. But by following a dollar on its journey around the globe, we can start to piece it all together.; The dollar is the lifeblood of globalisation. Greenbacks, singles, bucks or dead presidents: call them what you will, they are keeping the global economy going. Half of the notes in circulation are actually outside of the USA - and many of the world's dollars are owned by China.; But what is really happening as our cash moves around the world every day, and how does it affect our lives? By following $1 from a shopping trip in suburban Texas, via China's central bank, Nigerian railroads, the oilfields of Iraq and beyond, The Almighty Dollar reveals the economic truths behind what we see on the news every day. Why is China the world's biggest manufacturer - and the USA its biggest customer? Is free trade really a good thing? Why would a nation build a bridge on the other side of the planet?; In this illuminating read, economist Dharshini David lays bare these complex relationships to get to the heart of how our new globalised world works, showing who really holds the power, and what that means for us all.